Acadian Asset Management LLC Raises Stake in Elastic N.V. $ESTC

Key Points

• Acadian Asset Management LLC increased its stake in Elastic N.V. by 185.2%, now holding a total of 20,279 shares worth approximately $1.81 million.
• Insider selling activity includes CFO Navam Welihinda selling 3,489 shares, reducing his position by 2.61% and bringing his holdings to about $11.75 million.
• Analysts have raised price targets for Elastic shares, with Morgan Stanley setting a new target of $120.00, while the stock is currently rated as a "Moderate Buy" based on consensus.

Acadian Asset Management LLC lifted its holdings in Elastic N.V. (NYSE:ESTC - Free Report) by 185.2% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 20,279 shares of the company's stock after buying an additional 13,169 shares during the quarter. Acadian Asset Management LLC's holdings in Elastic were worth $1,805,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of ESTC. Massachusetts Financial Services Co. MA boosted its stake in Elastic by 5,437.6% in the 1st quarter. Massachusetts Financial Services Co. MA now owns 2,288,128 shares of the company's stock worth $203,872,000 after purchasing an additional 2,246,808 shares in the last quarter. Sylebra Capital LLC lifted its stake in Elastic by 62.6% during the 4th quarter. Sylebra Capital LLC now owns 4,561,462 shares of the company's stock valued at $451,950,000 after acquiring an additional 1,756,842 shares during the period. AQR Capital Management LLC lifted its stake in Elastic by 6,651.3% during the 1st quarter. AQR Capital Management LLC now owns 1,403,859 shares of the company's stock valued at $122,978,000 after acquiring an additional 1,383,065 shares during the period. Driehaus Capital Management LLC lifted its stake in Elastic by 1,450.8% during the 1st quarter. Driehaus Capital Management LLC now owns 880,454 shares of the company's stock valued at $78,448,000 after acquiring an additional 823,680 shares during the period. Finally, Shannon River Fund Management LLC bought a new position in Elastic during the 1st quarter valued at about $31,981,000. Institutional investors own 97.03% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms have issued reports on ESTC. Mizuho upped their target price on shares of Elastic from $100.00 to $119.00 and gave the company an "outperform" rating in a research note on Friday, August 29th. Wall Street Zen upgraded shares of Elastic from a "hold" rating to a "buy" rating in a research note on Friday, May 30th. Scotiabank restated an "outperform" rating on shares of Elastic in a research note on Friday, August 29th. Robert W. Baird upped their target price on shares of Elastic from $105.00 to $120.00 and gave the company an "outperform" rating in a research note on Friday, August 29th. Finally, KeyCorp began coverage on shares of Elastic in a research note on Tuesday, June 10th. They set a "sector weight" rating on the stock. One analyst has rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating and nine have issued a Hold rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $120.00.

Insider Buying and Selling

In other Elastic news, insider Ken Exner sold 6,290 shares of the stock in a transaction that occurred on Tuesday, September 9th. The shares were sold at an average price of $90.12, for a total transaction of $566,854.80. Following the completion of the sale, the insider directly owned 233,582 shares of the company's stock, valued at $21,050,409.84. This trade represents a 2.62% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Navam Welihinda sold 3,489 shares of the stock in a transaction that occurred on Tuesday, September 9th. The shares were sold at an average price of $90.12, for a total transaction of $314,428.68. Following the sale, the chief financial officer directly owned 130,436 shares of the company's stock, valued at approximately $11,754,892.32. This trade represents a 2.61% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 352,036 shares of company stock worth $31,080,886 in the last ninety days. Corporate insiders own 12.70% of the company's stock.

Elastic Stock Performance

Shares of NYSE:ESTC traded down $0.48 during trading on Friday, hitting $89.16. The company's stock had a trading volume of 2,577,087 shares, compared to its average volume of 2,405,571. The company has a 50-day moving average of $83.74 and a 200-day moving average of $85.80. The firm has a market cap of $9.48 billion, a price-to-earnings ratio of -111.45 and a beta of 1.04. Elastic N.V. has a 12 month low of $70.14 and a 12 month high of $118.84. The company has a debt-to-equity ratio of 0.59, a current ratio of 2.09 and a quick ratio of 2.09.

Elastic Company Profile

Elastic N.V., a data analytics company, delivers solutions designed to run in public or private clouds in multi-cloud environments. It primarily offers Elastic Stack, a set of software products that ingest and store data from various sources and formats, as well as performs search, analysis, and visualization on that data.